The indices had a consolidation day because despite a strong opening the rest of the day they basically meandered in coil-type patterns. In the afternoon late in the day the S&P 500 did manage a nominal breakout on the session highs, but could not materially follow through the current resistance highs going back the last several days and pulled back a little bit into the close.

They still finished up on the day, but a nominal session, with the Dow up 34 3/4, the S&P 500 nearly 6, and the Nasdaq 100 just above 8. The Philadelphia Semiconductor Index (SOXX) was up 3 1/4.

The technicals were positive on advance-declines by 2 to 1 on the NYSE and by 3 to 2 on Nasdaq. Up/down volume was positive by 2 to 1 on New York and by 3 to 2 on Nasdaq. Total volume was a little lighter today, just about 1.15 billion on New York and just under 1.7 billion on Nasdaq.

TheTechTrader.com board was mostly narrowly mixed, but there were some outstanding gainers and losers. On the plus side, DryShips (DRYS) in the shipping sector, after sinking earlier in the day, rallied 7 points, and closed up 6.38 on the day, to a new all-time high at 91.40. Excel Maritime (EXM) followed suit, reversing about 4 points from the session highs and closing up 2.59 on the day.

Chinese hotelier Home Inns & Hotels (HMIN) followed through beautifully after yesterday's breakout of a head-and-shoulders bottom pattern, and jumped 3.34 on 1.4 million in the strong Chinese sector. Chinese stocks generally had a stellar day earlier in the morning. However, JRJC, which exploded up 10 1/2 at one point in the session, gave back a huge chunk of almost all of it in an afternoon steep sell-off, still gaining 1.40 on the day, but closing 9 points off its session high.

Chinese software developer Kongzhong (KONG) exploded 3.62, up 73 percent on 36 1/2 million shares. It was Nasdaq's leading percent gainer today. Aluminum Corp. of China (ACH), which we first highlighted last December at 29, closed at 71.17, up 1.63 to a new all-time high.

Portfolio position Cepheid (CPHD) moved to a 7-year high today, getting over 23 at one point, closing at 22.82, up 86 cents.

Auxilium Pharmaceuticals (AUXL) moved over 22 at one point today, closing at 21 1/2, up 33 cents.

Research Frontiers (REFR) had a strong session on low volume, moving up 43 cents. Taser (TASR) jumped 23 cents, UEPS 20 cents, and Vicon Industries (VII) 13 cents.

On the downside, it was a very weak session today for some of the solar stocks, which gave it back in the afternoon. SPWR lost 2 1/2, LDK 2.60 and JASO 2.46.

SCON gave back another 1.51 today, continuing its sell-off from recent sharp gains. Sigma Designs (SIGM) gave back 1.02 and Eschelon Corp. (ELON) 1.27.

Those were the major movers on our board.

Stepping back and reviewing the hourly chart patterns, it was a consolidation day, particularly on the Nasdaq 100. Today's session highs and lows were set in the first half hour, and the rest of the day was spent coiling or meandering sideways. The Nasdaq 100, S&P 500 and the Dow managed to make some progress, as the Dow closed over 13,900 and only about 100 points off its all-time high. The S&P 500 is still about 22 points from its high, but closed near the highs for the day.

So, a very positive session for the blue chips as well as for the Nasdaq 100, but they need to get a follow-through from this consolidation in order to make an impression on me.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a free 15-day trial to his Real-Time Technical Trading Diary, or sign up for a free 30-day trial to his Top Charts of the Week service.